Tatas join low-cost housing bandwagon with Boisor project

Tata Housing Development Co. announced "Shubh Griha", the first of its kind Pan Indian brand that would offer smart value homes to people across India. Shubh Griha would launch its first property in the suburb of Boisar near Mumbai followed by a pan Indian presence across Tier I and II cities. Shubh Griha is a cost-efficient quality product that has been developed post-in-depth research and understanding of the consumer needs. Smart value homes from Shubh Griha will be priced between Rs3.9 lakhs to Rs6.7 lakhs. The company will hold a lottery to allot flats and will sell application forms at Rs200 each from SBI branches. The flats will be delivered in about two years. The apartment size will range between 283 sq ft to 465 sq ft each. "Tata Housing will invest up to Rs1bn in a 1,200-unit township at Boisar," said Brotin Banerjee, MD and CEO, Tata Housing. The company aims to build up to 15,000 budget homes over the next 3-4 years across several cities, including Mumbai, Delhi and Bangalore, he added. Banerjee said that costs are being kept low by reducing construction cost to about Rs700 a sq ft, and by sharing returns with the land owners. After the purchase of the application form booklet, bookings should be made in the next 20 days along with the initial booking amount of Rs10,000.